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Part E. Key Findings and Guidance

Key Findings and Guidance

CSA Staff Notice 81 -334 (Revised) ESG-Related Investment Fund Disclosure
Part E. Key Findings and Guidance
Key Findings and Guidance

Lead-In

This section

  • outlines and explains the types of funds covered in the guidance in this Notice,
  • summarizes the key findings from the ESG-Focused Reviews, and
  • provides updated guidance on how existing securities regulatory requirements apply to investment funds as they relate to ESG matters, particularly ESG-Related Funds, in a number of areas of disclosure.

The guidance in this section is based on the findings from both the 2020-2021 ESG-Focused Reviews and the ESG-Focused Reviews, staff’s observations in relation to ESG-related changes to existing funds, and the recommendations of the IOSCO Sustainable Finance Task Force for regulators and policymakers on sustainability-related practices, policies, procedures, and disclosure in asset management.4

Some areas of disclosure addressed in the guidance in the 2022 Notice were reviewed as part of the ESG-Focused Reviews but did not lead to any notable issues. This section therefore does not include any key findings for those areas.

To facilitate ease of reading, key elements of staff’s guidance in each area of guidance have been presented in textboxes.

4 International Organization of Securities Commissions, “Recommendations on Sustainability-Related Practices, Policies, Procedures and Disclosure in Asset Management: Final Report” (November 2021), accessible at: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD688.pdf.